Silver coins
Silver is $53.44 a troy ounce at the current benchmark. Each figure below is one coin, at its as-struck weight.
| Coin | Years | Fineness | Silver | Melt |
|---|---|---|---|---|
| Morgan dollar | 1878-1921 | 900 | 0.7735 ozt | $41.34 |
| Peace dollar | 1921-1935 | 900 | 0.7735 ozt | $41.34 |
| Walking Liberty half | 1916-1947 | 900 | 0.3617 ozt | $19.33 |
| Franklin half | 1948-1963 | 900 | 0.3617 ozt | $19.33 |
| Kennedy half, 90% | 1964 | 900 | 0.3617 ozt | $19.33 |
| Kennedy half, 40% | 1965-1970 | 400 | 0.1479 ozt | $7.90 |
| Washington quarter | to 1964 | 900 | 0.1808 ozt | $9.67 |
| Roosevelt dime | to 1964 | 900 | 0.0723 ozt | $3.87 |
| Mercury dime | 1916-1945 | 900 | 0.0723 ozt | $3.87 |
| war nickel | 1942-1945 | 350 | 0.0563 ozt | $3.01 |
| American Silver Eagle | 1986- | 999 | 1.0000 ozt | $53.44 |
Gold coins
Gold is $4,133.30 a troy ounce. Both of these trade at a premium to their metal in almost all conditions, the Double Eagle substantially so.
| Coin | Years | Fineness | Gold | Melt |
|---|---|---|---|---|
| American Gold Eagle, 1 oz | 1986- | 916.7 | 1.0000 ozt | $4,133 |
| $20 Double Eagle | 1850-1933 | 900 | 0.9675 ozt | $3,998 |
How to tell what you have
For dimes, quarters and halves the date does almost all the work. Anything dated 1964 or earlier is 90% silver. From 1965 the dime and quarter went to copper-nickel clad, and the edge gives it away instantly: a clad coin shows a copper stripe, a silver one does not. Half dollars stayed partly silver through 1970 at 40%, then went clad as well.
The war nickel is the odd one out. Between 1942 and 1945 nickel metal was needed for the war effort and the five cent piece was struck in a copper, silver and manganese alloy at 35% silver. They are identified by an oversized mint mark, P, D or S, above the dome of Monticello on the reverse, a position used on no other nickel.
Melt is the floor, not the price
Everything above is metal value only, and for coins that is a genuinely dangerous number to act on alone. A circulated common-date Morgan trades a little over its silver. An 1893-S in the same worn condition is worth thousands. They weigh the same and the table cannot tell them apart.
Before selling any coin for its metal, check the date and the mint mark against a current price guide, and take anything unusual to a dealer who buys collector coins rather than to a refiner. The refiner is not cheating you. They are simply buying metal, and they will pay metal prices for something that is not only metal.
Coin melt value questions
What is the melt value of a Morgan silver dollar?
A Morgan dollar is 26.73 grams of 90% silver, which is 0.7734 troy ounces of pure silver. Multiply that by the silver spot price. The table on this page does it at the current benchmark and updates when the price moves.
Which US coins contain silver?
Dimes, quarters and half dollars struck in 1964 and earlier are 90% silver, as are dollars through 1935. Half dollars from 1965 to 1970 are 40% silver. Nickels struck between 1942 and 1945 with a large mint mark over the dome are 35% silver. Everything else in circulation is copper-nickel clad.
Should I sell silver coins for melt value?
Only after checking the date, mint mark and condition. Common circulated coins trade near melt and there is nothing wrong with selling them that way. Key dates and uncirculated examples are worth many times their silver, and melting one is irreversible.
Is it legal to melt US coins?
Melting silver and gold coins that no longer circulate is legal in the United States. There is a standing Treasury rule against melting or exporting current cents and five cent pieces, which exists because their metal has been worth more than their face value.
What is a war nickel worth?
A 1942 to 1945 war nickel is 5 grams at 35% silver, about 0.0563 troy ounces. That is a small fraction of a silver ounce each, so they are traded in rolls and bags rather than singly. The large mint mark above Monticello is how you spot one.
Do circulated coins weigh less than the specification?
Yes, by about 1% on average for coins that spent decades in circulation. Dealers price 90% coin at 0.715 troy ounces per dollar of face value rather than the 0.7234 as struck, and that difference is real money on a large bag.
What about a gold Double Eagle?
A $20 Double Eagle is 33.436 grams of 90% gold, 0.9675 troy ounces. Nearly all of them are worth a premium over melt, and some are worth very much more. Never sell a pre-1933 US gold coin as scrap without having it looked at.